Canara Bank Self Employed Personal Loan

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Thejus KS

A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.

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Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Canara Bank’s Self-Employed Personal Loan offers a compelling financial solution for entrepreneurs and self-employed individuals. Competitive interest rates ensure that borrowers can access funds at a cost-effective rate and minimize the financial burden associated with personal loans.

No maximum limit on the loan amount provides applicants with the freedom to secure financing for specific business needs. A reduced balance interest rate provides a more cost-effective repayment structure over the loan tenure. The elimination of prepayment penalties allows borrowers to settle outstanding amounts without additional charges.

Canara Bank Self-Employed Personal Loan – Highlights

Let’s take a look at the highlights of Canara Bank’s self-employed personal loan.

Loan Amount	Two times the 3-year average gross income of the loan applicant, subject to an upper limit of INR 50 lakh
Loan Interest	7.45% to 9.50% p.a.
Type of Interest Rate	Reducing Balance
Processing Fee	0.50% on the loan amount, with a lower limit of INR 100 and a maximum of INR 500

Canara Bank Self-Employed Personal Loan – Comparison with Other Banks

Here is a comparison between Canara Bank’s personal loan for self-employed individuals and other banks.

Lender	Rate of Interest (p.a.)	Processing Fee
Canara Bank	10.95% to 15.95%	0.50% of the loan amount, with a lower limit of INR 100 and a maximum of INR 500
State Bank of India	Starting at 11.15%	Up to 1.5% of the loan amount plus applicable taxes
Kotak Mahindra	Starting at 10.99%	Up to 3% of the loan amount plus applicable taxes
ICICI Bank	10.65% to 16.00%	Up to 2.50% of the loan amount plus applicable taxes
HDFC Bank	10.50% to 25.00%	Up to INR 4999 plus GST

Canara Bank Self-Employed Personal Loan – Fees and Charges

Let’s look at the following fees and charges required for a Canara Bank self-employed personal loan:

Processing Fee: 0.50% of the loan amount, with a lower limit of INR 100 and a maximum of INR 500.
Documentation Charges: Nominal charges of INR 100/- per lakh, with a minimum of INR 1000 and a maximum of INR 25000.

Canara Bank Self-Employed Personal Loan – Documents Required

Let’s take a look at the documents required to apply for the Canara Bank self-employed personal loan:

A loan application that is stipulated and includes two passport-size pictures of the applicant, co-applicants, or guarantor, along with their KYC records
Verification of Identity like Aadhar card, Voter ID, Driver’s license, Passport, PAN card, etc.
Proof of residency documents such as a driver’s license, voter ID, passport, Aadhar card, phone bill, electricity bill, etc.
Proof of business regarding GST and other documents
Proof of age for the applicant and any co-applicants
PAN card (photocopy)
The last three assessment years’ profit and loss statements and balance sheets are included. For the previous three assessment years, ITR/ITAO filings
A copy of the land records, if agricultural income is included in the ITR, as well as a bank account statement and
A brief overview of the kind of business

Canara Bank Self-Employed Personal Loan – Eligibility Criteria

The following are the eligibility criteria for the Canara Bank self-employed personal loan:

Age Eligibility: Existing housing loan borrowers in the age group of 18 to 75 years.
Repayment Record: A satisfactory repayment track record is necessary, irrespective of the period run.

Frequently Asked Question (FAQs)

What are the self-employed personal loan interest rates from Canara Bank?

Interest rates can range from 10.95% to 15.95%. Please contact Canara Bank to determine the interest rate for your loan application.

What is the maximum repayment tenure for a self-employed personal loan?

The maximum repayment tenure for a self-employed personal loan is the leftover repayment period of an existing housing loan or (15 years) 180 EMIs, whichever is less.

How can I check the status of my personal loan application?

You can check the status of your personal loan application online or at your local Canara Bank branch. Enter your application number to know your loan application status.